Final answer:
When parties compete for the same prize, possible outcomes include logrolling for mutual benefits, illegal monopolistic practices if they collaborate, or maintaining the status quo if no agreement is reached in political bargaining.
Step-by-step explanation:
When two or more parties seek the same prize or benefit, several outcomes are possible. One outcome is logrolling, where parties exchange things of value to reach a mutually beneficial agreement, like swapping an apple for a peach when one party prefers apples and the other peaches. Another potential outcome is a situation akin to a monopoly, where if both parties' goals are met, they could act as a single entity and enjoy monopolistic profits, which is often illegal in places like the European Union and the United States. A third outcome is the 'winner-take-all' scenario, which is common in two-party systems such as the U.S., where voting for a third-party candidate is perceived as a waste. In political bargaining, the outcomes can vary from no agreement, which maintains the status quo, to better-structured deals when there's agreement on goals but not on the details, affecting the distribution of the prize or benefit at stake.